john, it is always good to speak with you. i'm courses you, you know -- i'm curious, we've had the big marks, especially the s&p hitting multiyear highs, but you say there's reason to be concerned. what is it? >> we have seen the equity market outperform the economy over the last couple of years due to the large monetary and fiscal stimulus, but recently we have seen earnings decelerate and our concern is just what's going to happen to top of line revenue growth to companies and then in particular their forward guidance, particularly for those companies who are exposed to consumer spending because of the recent 2% payroll tax hike. cheryl: okay. so do you think at this point as we look at the economy versus the markets and in particular the housing sector, which many analysts and many economists point to as being such a good thing, if the housing market does not have that true, true rebound in 2013, do you think that that is going to affect market performance? >> yes, we do. we're looking very closely at the housing market and